Announcement of Distribution of Tender Offer Pr...

29 June 2009


      Africa Opportunity Fund Limited ("AOF" or "the Company")

        Announcement of Distribution of Tender Offer Proceeds


Africa Opportunity Fund  Limited announces the  initial tender  offer
distribution of $0.3705 per share will be paid as of 30 June 2009  to
those  former  AOF  shareholders  (the  "Former  Shareholders")   who
tendered their ordinary shares of AOF  to the Company on 19  February
2009 (the  "Tender  Date").   This  amount  has  been  calculated  in
accordance with the  terms of  the Company's  tender offer  circular,
dated 4 February 2009.

This distribution  represents the  sales proceeds  from the  sale  of
approximately 90% of the securities that were included in the  tender
offer pool (the  "Tender Offer Pool")  as measured as  of the  Tender
Date.  Subsequent distribution(s) to the Former Shareholders will  be
made as and when the Company believes it to be appropriate to realize
the remaining  investments in  the Tender  Offer Pool.   The  Company
estimates the current unrealized  value of the remaining  investments
to the Tender Offer Pool at  approximately $0.04 per share, based  on
current market conditions and other related factors.  There can be no
assurance that  the  future  realized  value  of  the  few  remaining
investments in the Tender Offer Pool will equal or exceed the current
unrealized value of those investments.



For further information please contact:

Africa Opportunity Fund Limited
Francis Daniels                                     Tel: [phone]
1528

Grant Thornton UK LLP (Nominated Adviser)
Philip Secrett                                        Tel:  +44 207
383 5100


LCF Edmond de Rothschild Securities Limited (Nominated Broker)
Claire Heathfield/Hiroshi Funaki            Tel: [phone]

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